Update on Enerox GmbH Investment

Bushveld Minerals the vanadium production and energy storage company, has announced a further investment by Mustang Energy Plc into VRFB Holdings Limited to acquire an indirect interest of 11.05% in Enerox GmbH, Vanadium Redox Flow Batterymanufacturer providing grid scale and micro-grid energy storage solutions. The Company also announces the completion of the investment by VRFB-H into the 100% holding company for Enerox, Enerox Holdings Limited (“EHL”).

Fortune Mojalepo commented;

“We are pleased to complete the investment into Enerox by VRFB-H of the US$15 million announced on 1 April 2021 as part of a US$30 million financing to scale up Enerox’s manufacturing capacity. As previously mentioned, we believe that this additional capital will place Enerox on the path to becoming a major player in the stationary energy storage industry, while further cementing VRFB technology in this rapidly growing sector. We are also pleased to welcome Mustang as a shareholder in VRFB-H. Its listing on the London Stock Exchange and consequent access to public equity capital markets combined with its strategy to invest in the stationary energy storage value chain and renewable energy projects, make them an especially attractive partner for VRFB-H.”

In the clip below, CEO Fortune Mojapelo outlines Bushveld’s operations, business strategy and the market for Vanadium